"Since we (both Essar and Steel Authority of India Ltd) are in the same sector, we are keeping our options open for buying stressed assets," a SAIL official said.
Bhushan Steel CFO Nitin Johari said "I have nothing to say. There is a process going on thus I can't comment on it".
However, Essar Steel could not be reached out for comments.
Essar Steel owes about Rs 45,000 crore to lenders.
The government has last month promulgated an ordinance to bar wilful bank loan defaulters as well as those with NPA (non-performing asset) accounts from bidding in auctions being done to recover loans under the insolvency process.
The ordinance comes as a blow to defaulting promoters seeking to reclaim their firms that are under insolvency proceedings, aims at putting in place safeguards to prevent unscrupulous persons from misusing or vitiating the provisions of the IBC (Insolvency and Bankruptcy Code), the corporate affairs ministry had earlier said.